Currensea Metal Card Gold – Best Travel Cards

A new fintech company which I was introduced to earlier this year. Currensea Metal Card Gold…

It has won a couple of awards over recent months for what it does (providing you an inexpensive method to invest abroad) however what I like about  is that it is simple as hell. This is an advantage.

is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is drawn from your bank account– just without the normal 3% fee.

Oh, and  is complimentary to get, which also helps.

There are likewise some intriguing travel benefits if you select a paid strategy, however the free strategy works fine. You can use here.

There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:

launch by doing one thing well, and for free or more affordable than the competition
include increasingly more features which your existing customers do not really need or desire

add fees, restrictions or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:

It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.

That’s it.

You do not (yet …) make any airline company miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a  card, unless you want totally free ATM withdrawals. You can stop checking out now.

Credit cards which offer benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I stated earlier, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, globally).
Your current account bank instantly verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic invest alert via the app, if you pick to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a few days later:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (typically in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.

Thankfully in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards  promises big savings (85%) and a great app.

I believe the finest bit may be what no other card does: connects to your existing high street bank account.

What this indicates is you can invest money you have in your existing current account with less worry about running out of cash and the additional step. But that does not indicate it is perfect.

In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make income from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be discovered on our prices strategies.

Subscription costs.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.

Interchange.
Each time you invest with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Metal Card Gold